In April 2016, REDD-Monitor wrote a post featuring a series of emails that ouline how a pensioner called Miriam was scammed into handing over £23,000 for carbon credits, which the scammers claimed were an investment. Ten days ago, Miriam sent REDD-Monitor some more emails. This post features these new emails.

The story is pretty much self explanatory from the emails. 360 Invest Group convinced Miriam to buy the carbon credits. Miriam created an account with Carbon-ex. Payments went to Colemans-CTTS, a firm of solicitors with offices in Kingston upon Thames, Surrey, Manchester and London.

Once Miriam had been conned into making a first “investment”, 360 Invest Group continued the scam, contacting her regularly with more “investment opportunities”.

The sales pitch

In December 2010, Mark Ward, Senior Portfolio Manager at 360 Invest Group sent Miriam a corporate brochure:

Please see the attached file which will enable you to look at our corporate brochure as promised.

Kind Regards

Then, in February 2011, Ward decided to show off his knowledge of the Kyoto Protocol. His email includes a link to Carbon Trust, a genuine company, and another to the UNFCCC website. Of course, Ward doesn’t mention that carbon credits are not a suitable investment for individuals. He gives no information about voluntary carbon markets, or the fact that there is no secondary market, meaning that there is in effect no way of reselling carbon credits. The carbon credits he was selling were worthless.

The Protocol’s targets for reducing greenhouse gas (GHG) emissions in developed countries amount to a 5% reduction from 1990 levels, to be met over the five-year period 2008-2012. They place a higher burden on developed countries because they have historically been responsible for most of the greenhouse gas (GHG) emissions in the atmosphere.

How it works

Developed countries must meet their targets primarily through national measures. In addition, they can use three market-based mechanisms:

Emissions trading
Creates a ‘Carbon market’ that provides economic incentives for achieving reductions in greenhouse gas emissions. Caps are set for the period from 2008-12 for each developed country in line with their reduction targets. As well as making domestic emissions reductions, countries can trade Assigned Amount Unit (AAU) allowances – each representing one tonne of emissions – to achieve their cap.

Clean Development Mechanism (CDM)
Developed countries may also invest in or purchase Certified Emissions Reduction credits (CERs) from projects that reduce emissions in developing countries. This offers an alternative to more expensive emission reductions in their own countries.

Joint Implementation (JI)
Developed countries can invest in emission reduction projects in any other developed country as an alternative to reducing emissions domestically. This creates tradable allowances called ERUs.

Under the Kyoto Protocol, countries’ actual emissions have to be monitored and precise records have to be kept of any trades.

There is also an Adaptation Fund to help developing countries (that are Parties to the Protocol) to adapt to the adverse effects of climate change. The Fund is financed mainly through a 2% levy on the proceeds of Clean Development Mechanism (CDM) project activities.

By the end of 2012, a new international ratified framework is needed to deliver the large emission reductions that the Intergovernmental Panel on Climate Change (IPCC) says are necessary.

Background

The Protocol is linked to the United Nations Framework Convention on Climate Change (UNFCC) – but the major difference is that Protocol commits countries to action, where the Convention did not.

The Kyoto Protocol became legally-binding on 16 February 2005, after more than 55 Parties to the Convention had ratified the Protocol (including countries responsible for at least 55% of industrialised countries CO2 emissions in 1990). 184 Parties of the Convention have ratified the Kyoto Protocol to date. For news on the Kyoto Protocol, visit the UNFCCC website.

Having scammed Miriam into buying carbon credits, Ward contacts her with details of her carbon trading account. Which was little more than a smokescreen to convince Miriam, and the other people who were scammed, that they had handed over their money for something worth investing in.

Thank you for choosing the 360 Invest Group for your carbon investment.

To open your trading account simply click on the link below, complete the necessary fields & I will action your instruction to the exchange once you have clicked on the submit button. The terms of business are also represented on the application page for your information.

Please find attached a confirmation of your credit order which will be processed within 48 hours (subject to regulatory checks). You will then receive a contract note for your records detailing the proof of ownership of the specified credits.

We recommend you save this email and print out the order confirmation and the following contract note for your records.

Once again thank you for choosing Carbonex and we wish you every success with your carbon trading

Kind Regards,

Olga Gille
Head of Client Services

Carbonex GMBH
7th Floor
Kurfurstendamm 21
10719
Berlin

Tel. 0845 519 6142

International. +49 (0)308 8706 2242

Website. www.carbon-ex.co.uk
Email. olga.gille@carbon-ex.de

Company Registration No: B 89135

This email and any files transmitted with it are intended for the named recipient only and are confidential. No other person should place any reliance upon it. The recipient acknowledges that transmissions made via the Internet can be corrupted and therefore Carbon-Ex and its subsidiaries do not give any warranty as to the quality or accuracy of any information contained in this message nor can it assume any liability for the content or for its transmission, reception or storage.

Signing the contract with Colemans-CTTS

Miriam had a couple of problems with signing the contract. Olivia Jones at Colemans-CTTS helped her find the right place to sign.

I confirm safe receipt of the cheques that were sent to Barclays Bank.

Kind Regards

Olivia

More scams from 360 Invest Group

A couple of days after Miriam sent a cheque for this so-called “investment”, 360 Invest Group sent details of other dodgy investments: “tax free, GUARANTEED income with underlying capital growth in excess of 252%”.

This is a unique opportunity for potential investors to begin understanding the most talked about investment sector since the dot.com boom.

Already with institutional and corporate money flooding into this sector, the signs to an emerging market ‘gold mine’ are obvious to see.

From as little as a £5000 investment clients are enjoying a tax free, GUARANTEED income with underlying capital growth in excess of 252%. Also with tailored exit strategies of 1, 3 and 5 years, there is something for everyone.

Click here for your free guide!

360investgroup 45 beech Street London www.360investgroup.com

And a few days later Miriam received another email from 360 Invest Group: “Click here to earn £63,000”.

Invest in a plantation of the world’s fastest growing and most environmentally sustainable form of timber; Bamboo. Vast and growing demand for this commodity means you will enjoy exceptional returns from year one (guaranteed) which in total will see your investment grow by a forecast 850%.

Increased ROI for larger investments

Secure land lease from US Company

Experienced management team, rewarded on performance

An element of the returns guaranteed

Twice the land, plants & returns of competitor investments

Click here to earn £63,000

Click to receive more information

The global timber market exceeds $600bn and is growing rapidly. However supply is dwindling due to unsustainable management. Bamboo grows over 20 times faster than hardwoods and can be sustainably harvested. Everything made from wood can be made from bamboo, often at better quality. It can also be used as clothing, fuel and food. Demand for Bamboo is growing rapidly and is set to explode.

I do not know if you have access to your email whilst on holiday, if you do, would you forward a contact telephone number to reach you on as I have sent my clients some important news regarding carbon and would value an opportunity to give you the update.

I hope you are well and enjoying your time in ( Mark tells me you are there! ).

I have just returned from a huge summit on Carbon Trading and have excellent news for you. Your Credits are currently valued at 6.45GBP and show every sign of continuing to rise, and fast.

If ever there was the ´perfect time´ to buy, it is now. My question is this- are you still in the market for new projects that´ll show exceptional % yields? If so, I have a very strong position coming up next week…

The brochure that Nick Taylor attached to the email was not produced by 360 Invest Group. It was produced by a company called Climate Friendly that sells carbon credits to businesses to offset their greenhouse gas emissions. Climate Friendly’s brochure describes a project by Siam Cement in Thailand. The company uses biomass instead of fossil fuels to power five of its cement plants and sells carbon credits generated by the reduction in emissions.

Siam Cement’s project generated real, certified carbon credits. But 360 Invest Group was selling them at an inflated price and there was no possibility of re-selling them.

Of course, none of this is to suggest that Climate Friendly and Siam Cement have any link with 360 Invest Group’s scam. I’m sure they were blissfully unaware that pensioners in the UK were being scammed into buying these carbon credits as investments.

The Recovery Room scam

By August 2011, Nick was working a new scam. The recovery room scam – 360 Invest Group will find someone to buy your carbon credits. But only if you hand over even more money.

Published

11 Comments

This is the first time that I have seen a clear statement that carbon credits are not suitable for individuals and there is no way of reselling them and they are worthless. I invested in Atlantic County carbon certificates through a Thomas Corrigan at Chartis Mutual. Is there any information on the prosecution of Thomas Corrigan and other operators at Chartis Mutual who operated this scam in conjunction with Carrington LLP?

So sorry Miriam. Your story is a carbon (sorry for the pun) copy of what happened to my wife and I. We lost about the same amount, caused a marital rift and depleted our pension savings.
I wish I could find out where these people are so I can visit them personally.
If anyone else reading your story knows how to contact these people, if you can classify them as human? I would really appreciate it.
Is there anything I should do to try to recover the money or take it on the chin and advise others to try not to go down the same route.
I have been trying for many years to catch up with these scam bags promising that would sort it out and promised that I would get our money back some how.
Unfortunately, my wife passed away last month.
Having read your story it has made me more than ever to seek out these xxxxxxxx and make them pay for all the heart break they have caused myself , my dear wife and others like your good self.
Please keep me up-to-date with developments and if I can help in any way , Please contact me through this forum.
Good luck.

This reminds me of a scam that was common a while ago, I think mostly in the 90s, that was all about buying diamonds for reselling. The problem, as people who sell diamond jewelry find out, is that diamonds have a very low selling price, even if they’re in perfect condition, as the market is controlled by DeBeers.
As I understood it, these firms are selling VERs for reselling? At least CERs could be resold, although at a loss, considering the drop in prices. I can only hope that the people who were trapped in this scam can get some of their money back through judicial means, but it’s hard.

Seems like the boys from Select Global are out chasing investors again under the name of Aldridge-Cartwright Limited, pertaining to have over 50 years experience mainly working in the Middle East and Asia in a company that is not even registered with Company House. So with those addresses sounds like the Aldridge/Start partnership is up and running again
Thompson & Cooke look like they are going down the pan for their involvement in the carbon credit scam with Select Global, court case in November
Colemans-CCTS also fronted Select Global’s REM scam as well as the 360 invest.
Just a note on above e-mails from Nick Taylor, he uses the exact same phrases, word for word, as Nick Start did when at Select Global.

Well I think that they take advantage of people who have worked hard all their lives and have scumbags like those people who tell you to invest and investment companies that are the legitimate companies don’t contact you unless you are doing it for example through your bank doing investment the broker doing either a short term or long term depending on the risks you want to take low risk medium risk or high risk but I think people who are like these scumbags using carbon tax credits etc I really felt for the old lady who has worked all her life to be scam by them they should be locked up and if you say that your not interested or hang up on them they just keep emailing or ringing you trying to convince you to trust them they are experts in stealing from elderly people and hard working people I know that people are online who just want to scam and Rob people of all the money they have saved

I too fell for the ‘charms’ of 360 Invest Group (as well as several others, MH Carbon, etc) This week I have been contacted by Herald Investment Trusts who say they can sell my Carbon Credits, the only catch is that they need a copy of the Carbon Credit Certificate which I do not have ( has any one ever received one of these in the good old days?). They can of course arrange for one as long as I pay some ‘refundable’ money up front.
Has anyone else had dealings with this firm?

@David Walker – Thanks for this. I’m sorry to hear that you were scammed.

Your contact details are now on what the scammers call a “sucker list”. That means that from time to time you will contacted out of the blue by people claiming to be able to sell your carbon credits. This is part two of the scam – the Recovery Room.

Same here David. Although the company was called Capital City Holdings. These guys are still out there and looking to take even more. My outlook is that it’s just one to suck up as a loss and do not give another penny to these rats. Sadly, it appears the authorities are powerless to protect individual, which is a sad state of affairs indeed